Euler Motors Secures 638 Crore INR in Series D Round Led by Hero MotoCorp

Euler Motors, a startup in electric commercial vehicles, has raised ₹638 crore in a Series D round led by Hero MotoCorp. The round also saw participation from British International Investment (BII) and existing backers like Blume Ventures, Athera Partners, ADB Ventures, and Piramal Alternatives India Access Fund.

With this round, Euler Motors has secured about ₹1,420 crore in total funding since it was founded in 2018.

Funds to Support Growth and Products

The company will use the funds to grow its sales and service network and to develop new electric vehicles.

“This latest infusion will be instrumental in expanding the company’s sales and service network while advancing new product development to accelerate India’s commercial EV adoption,” the company said.

Euler’s vehicles already see demand from e-commerce, retail, and logistics companies. Its top products include the HiLoad EV, a strong electric three-wheeler, and the new StormEV, India’s first electric four-wheeler light commercial vehicle with ADAS features.

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Hero MotoCorp Enters Commercial EV Space

With this investment, Hero MotoCorp enters the electric three- and four-wheeler segment. The move aligns with its strategy to back sustainability and innovation.

“We are excited to welcome Hero MotoCorp as a strategic investor in Euler Motors,” said Saurav Kumar, Founder and CEO. “This is a strong vote of confidence both in India’s commercial electric mobility future and in Euler Motors’ execution and products. With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and move closer towards becoming India’s No. 1 commercial EV brand.”

Hero MotoCorp sees this deal as a way to grow in an evolving market.

“The strategic investment in Euler reinforces our commitment to accelerated growth through both organic and inorganic expansion, while highlighting the power of collaboration and adaptability in an ever-evolving market,” said Dr. Pawan Munjal, Executive Chairman.

He added, “As we strengthen and diversify our presence in the emerging mobility landscape, this investment allows Hero MotoCorp to venture into a rapidly growing electric three- and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement our leadership in the future of sustainable mobility.”

BII Continues Its Backing

BII, which first backed Euler Motors in 2023, has also joined this round.

“We are pleased to deepen our partnership with Euler Motors as it scales its operations and brings next-generation EVs to more people in India. Since our initial investment in 2023, Euler Motors has advanced e-mobility adoption and created better jobs,” said Abhinav Sinha, Managing Director at BII.

“This aligns closely with our ambition to support India’s net zero emissions target and enables us to drive scalable impact in a sector vital to both economic growth and environmental progress.”

Conclusion: Focused on India’s Roads

Euler Motors builds EVs that handle India’s roads and climate. Its focus is on performance, reliability, and affordability for last-mile delivery. With its electric three-wheeler HiLoad EV and the new StormEV four-wheeler, Euler aims to lead the commercial EV segment.

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